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Regime: Mixed. VIX sits at 16.59, while US 2Y yields are edging higher and the DXY hovers around 98.95, signaling risk-off sentiment battling positive momentum. Today’s market themes: Strait of Hormuz tension eases: Oil prices plummet on reports of progress restoring shipping through the Strait, impacting commodity currencies. Australian CPI miss:…
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Where we are: The DXY currently sits at 98.95, down 0.07% on the day, within a 98.89-99.11 range. The index is consolidating losses seen yesterday after the broad index closed at 119.2868 on Friday. The DXY remains below the psychologically important 99.00 level, struggling for sustained momentum. What’s driving it: Easing…
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Where we are: S&P 500 futures are trading at 7558.00, up 22.75 points or 0.30%, and testing the upper end of today’s 7530.00-7570.00 range. This follows a positive close in the S&P 500 cash market at 7519.10, a gain of 7.30 points. Sentiment remains buoyant after yesterday’s record closing highs driven…
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Where we are: Gold (COMEX) is currently trading at 4476.0, down 1.46% on the day, and below the overnight range of 4454.6-4560.1. The current price is well below yesterday’s New York close, reflecting the ongoing pressure. The metal seems to be struggling to find a foothold amid a confluence of factors.…
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Where we are: EUR/USD is currently trading at 1.1655, up 0.21% on the day, having traded in a tight 1.1631-1.1661 range. The Fiber continues to consolidate gains made in early European trade, sitting comfortably above its prior NY close. Resistance looms at the 1.1670 level, while support is seen near 1.1630.…
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Where we are: Nasdaq futures are trading at 30307.25, up 0.83% on the session and near the overnight high of 30370.75. This extends yesterday’s rally, which saw the Nasdaq Composite hit a record closing high. The index is looking to open well above the prior New York close, boosted by overnight…
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Where we are: GBP/USD is trading at 1.3448, effectively unchanged on the day, pinned between intraday lows of 1.3431 and highs of 1.3460. Sterling’s range has been exceptionally tight, echoing the subdued mood in broader FX markets. We’re trading a touch firmer than yesterday’s New York close, but struggling to gain…
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Where we are: USD/JPY is currently trading at 159.38, modestly higher on the day (+0.06%) and near the upper end of its intraday range of 159.18-159.45. The pair continues to flirt with levels that prompted intervention in the past. Despite a brief dip overnight, the overall upward pressure remains intact, holding…
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Where we are: Dow futures are currently trading at 50616, up 107 points, or 0.21%, after printing an overnight high of 50797. The cash Dow closed yesterday at 50462, and futures trading suggests the market will attempt to recapture that level at the open. The S&P 500 and Nasdaq futures are…
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Where we are: USD/CAD is currently trading at 1.3825, up 0.11% on the day, after trading in a 1.3804-1.3840 range. The pair is pushing towards recent six-week highs, reflecting persistent CAD weakness. The move higher extends the grind from yesterday’s close near 1.3810 as Canadian Dollar bears seize control. What’s driving…
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Where we are: Bitcoin is currently trading at $75,672, down $137 or 0.18% on the day. The intraday range has been contained between $75,200 and $76,061. This level is slightly below yesterday’s New York close, with Bitcoin struggling to maintain upward momentum amidst broader market jitters. What’s driving it: Bitcoin’s sideways…
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Where we are: The FTSE 100 is currently trading at 23507, up 176 points or 0.76% on the day, and testing the upper end of its intraday range of 23321 to 23544. The index is outperforming its European peers this morning, a notable change of pace. This morning’s rally sees it…
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Snapshot: AUD/USD trades at 0.7139, down 0.41% on the session, after cooler-than-expected Australian CPI data. Monthly CPI eased to 0.4% versus a prior 1.1%, while annual CPI slowed to 4.2% from 4.6%, below the forecast of 4.4%. This has scaled back expectations for further RBA rate hikes. A break below 0.7124…
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Snapshot: WTI Crude is down 5.14% to $88.69, driven by reports of progress in restoring shipping through the Strait of Hormuz. The Fed’s April discount rate meeting minutes are a secondary factor, suggesting continued vigilance on inflation. No major US data before the NY open. Watch for further confirmation of Hormuz…
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Snapshot: The Nikkei 225 is down 1.18% at 64999, weighed down by profit-taking after its recent surge to record highs. BOJ Governor Ueda’s recent remarks regarding rising inflationary pressures, while not explicitly hinting at an immediate rate hike, continue to be digested by the market. The next catalyst is Ueda’s speech…
